The Nigerian National Petroleum Company Limited (NNPCL) has said it has no intention to increase pump price per litre of petrol.
NNPCL said this in a statement posted via its official X platform on Monday night and urged Nigerians to disregard speculations of a fresh hike in price of the premium product.
The President of the Nigeria Labour Congress (NLC), Joe Ajaero, had on Monday, warned the NNPC Limited against fresh petrol price hike.
However, NNPC Limited Spokesman, Muhammad Garbadeen, in a statement, said the company has no intention to increase petrol price for the third consecutive time since the removal of petrol subsidy on May 29, 2023.
“Dear esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our petrol motor spirit (PMS) pump prices as widely speculated.
“Please buy the best quality products at the most affordable prices at our NNPC Retail stations nationwide,” the NNPCL said.
The NNPCL had in May begun adjustment of pump prices of fuel due to the removal of petroleum subsidy to allow market forces to determine prices.
President Bola Tinubu had, in his inaugural address on 29 May, announced the removal of fuel subsidy.
Following the announcement, the NNPCL directed its outlets nationwide to sell fuel between N480 and N570 per litre, an almost 200 per cent increase from the initial price below N200.
The hike immediately triggered an increase in transportation fares and prices of goods and services by various percentages.
In July, petrol pump prices rose to N617 per litre at various outlets of the NNPCL in Abuja and other parts of the country.
At the time, the NNPCL attributed the rise in the petroleum pump prices in the country to ‘market forces’.